1. Record the entries needed in the journal to correct the following errors. Narratives are not required: (a) Motor Vehicles account. Motor expenses of GH¢560 entered incorrectly in the (b) entered as GH¢890. (c) Insurance of GH¢980 paid by cash should have been Sale of goods for GH¢375 to S Lin entered into the account of S Lim. (d) to Sundry expenses account (e) Returns inwards by mistake. (f) had been completely omitted. Private withdrawal of GH¢150 cash had been debited Returns outwards of GH¢75 had been credited to Purchase of stock on credit from D Wing for GH¢115

1. Record the entries needed in the journal to correct the following errors. Narratives are not required: (a) Motor Vehicles account. Motor expenses of GH¢560 entered incorrectly in the (b) entered as GH¢890. (c) Insurance of GH¢980 paid by cash should have been Sale of goods for GH¢375 to S Lin entered into the account of S Lim. (d) to Sundry expenses account (e) Returns inwards by mistake. (f) had been completely omitted. Private withdrawal of GH¢150 cash had been debited Returns outwards of GH¢75 had been credited to Purchase of stock on credit from D Wing for GH¢115

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How will be the following errors rectified? (1) Purchases Book is overcasted by $10,000. (ii) Purchases Return Book is overcasted by $ 1,000. (iii) Purchases Return Book's balance is carried forward in excess by $100. (iv) Purchases Book's balance is carried forward in excess by $1,000.
When writing off a customer's account using the allowance method: A. Bad Debts Expense is increased with a debit B. The customer's account is decreased with a debit C. The Allowance for Bad Debts account is decreased with a debit D. Bad Debts Expense is increased with a credit
9-Which of the following errors will not affect the Trial balance? a. Omitting Salary account OMR 12,000 and recording Cash account OMR 12,000 b. Cash paid to Mr. Said OMR 7800: Debit Mr. Said OMR 8700 and Credit Cash OMR 7800 c. Omitting Rent account OMR 8,000 and Cash account RO 8,000 d. Wrong totaling of purchase journal OMR 48,000 instead OMR 84,000
Journalize the entries to correct the following errors (for each Journal Entry, omit the 4th journalizing step of providing an explanation): (a) An actual purchase of supplies for $300 on account was recorded and posted as a debit to Supplies for $600 and as a credit to Accounts Receivable for $500. (b) An actual receipt of $5,000 from Fees Earned was recorded and posted as a debit to Fees Earned for $3,000 and a credit to Cash for $3,000. JOURNAL Date Description Post. DR CR (a) (b)
Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.
(b) To record estimated liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Period 1 Account Titles and Explanation Period 2 Account Titles and Explanation Save for Later Debit Debit Credit Credit Attempts: 0 of 1 used Submit Answer
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Name the error which was made under the following circumstances: the business sold goods on credit for N$12 000. The bookkeeper recorded the transaction as Dr: Sales N$12 000; Cr: Accounts receivables N$12 000 a. Error of complete reversal O b. Compensating error c. Principle error O d. Commission error
For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.